23 Dec '12, 12am

Bitcoin -- finally, fair money?:

Bitcoin -- finally, fair money?:

technical reason for the hard limit of Bitcoin; neither for a limit in general nor the particular magnitude of 21 million. One could simply keep generating Bitcoins at the same rate, a rate that is based on recent economic activity in the Bitcoin network or the age of the lead developer or whatever. It is an arbitrary choice from a technical perspective. However, it is fair to assume that the choice made for Bitcoin is based on the assumption that a limited supply of money would allow for a better economy; where ‘better’ means ‘fairer’, more stable and devoid of state intervention. Libertarian Bitcoin adherents and developers claim that by ‘printing money’ states – via their central banks – devalue currencies and hence deprive their subjects of their assets.xx They claim that the state’s (and sometimes the banks’) ability to create money ‘out of thin air’ would violate the...

Full article: http://www.metamute.org/editorial/articles/bitcoin-%E2%80...

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